Cooper announces lawsuit against online lender - WNCN: News, Weather

Cooper announces lawsuit against online lender

Posted: Updated:
RALEIGH, N.C. -

Officials in North Carolina are suing an out-of-state online lender, its related companies and their owner for offering loans that in some cases charge borrowers up to 342 percent interest. 

N.C. Attorney General Roy Cooper and the North Carolina Office of the Commissioner of Banks filed suit Monday against Western Sky Financial, CashCall, related companies and owner John Paul Reddam for violating state laws banning outrageous interest rates on small consumer loans. 

Cooper's office said a similar lawsuit has been filed in Colorado. 

South Dakota-based Western Sky says it's exempt from state laws that ban its loans because it claims to be an Indian tribal entity. 

The complaint says loans of $850 to $10,000 charged annual interest rates from 89.68 percent to 342.86 percent, far above what state law allows.

  • North Carolina NewsMore>>

  • McCrory coal ash announcement miffs GOP lawmakers

    McCrory coal ash announcement miffs GOP lawmakers

    Sunday, April 20 2014 3:48 PM EDT2014-04-20 19:48:26 GMT
    Some lawmakers say they were surprised and miffed by fellow Republican Gov. Pat McCrory's announcement that he's seeking legislation to beef up government oversight of coal ash dumps.
    Some lawmakers say they were surprised and miffed by fellow Republican Gov. Pat McCrory's announcement that he's seeking legislation to beef up government oversight of coal ash dumps.
  • McIntyre's retirement opens door for GOP in NC 7th

    McIntyre's retirement opens door for GOP in NC 7th

    Sunday, April 20 2014 12:33 PM EDT2014-04-20 16:33:02 GMT
    Democratic Rep. Mike McIntyre will retire after nine terms representing North Carolina's 7th Congressional district.Democratic Rep. Mike McIntyre will retire after nine terms representing North Carolina's 7th Congressional district.
    With McIntyre announcing his retirement after nine terms representing North Carolina's 7th Congressional district, Rouzer is back on the ballo.    
    With McIntyre announcing his retirement after nine terms representing North Carolina's 7th Congressional district, Rouzer is back on the ballo.    
  • Hagan contrasts persona, GOP in NC Senate campaign

    Hagan contrasts persona, GOP in NC Senate campaign

    Saturday, April 19 2014 11:51 AM EDT2014-04-19 15:51:50 GMT
    Kay Hagan's self-identification as a middle-of-the-road U.S. senator who fights for the middle class, among other groups, and responds effectively to constituent requests may sound trite coming from any politician's mouth seeking re-election.
    Kay Hagan's self-identification as a middle-of-the-road U.S. senator who fights for the middle class, among other groups, and responds effectively to constituent requests may sound trite coming from any politician's mouth seeking re-election.
Powered by WorldNow

1205 Front St., Raleigh
N.C., 27609

Telephone: 919.836.1717
Fax: 919.836.1687
Email: newstips@wncn.com

Can't find something?
Powered by WorldNow
All content © Copyright 2000 - 2014 Media General Communications Holdings, LLC. A Media General Company.